Fitch Ratings has upgraded Ecuador’s debt rating from CCC+ to B-, with a stable long-term economic outlook for the country.
The international agency noted that Ecuador has reduced its financing needs and diversified its sources of credit. This follows a successful return to international markets after a recent liability management operation. Fitch also pointed to the country’s economic stability, supported by recovering domestic demand and record levels of non-oil exports. The agency highlighted a historic surplus in Ecuador’s current account, which is contributing to continued growth in international reserves.
In response to the upgrade, Sariha Moya, Minister of Economy and Finance, stated: “These results increase the confidence of international investors, which is positive for promoting greater consolidation in growth and job creation.”
